- Ethereum is consolidating between $2,843 and $2,510, trading at $2,590.
- A drop below $2,843 may lead to declines towards $2,400.
- Breaking above $2,843 could push Ethereum towards $3,396.
Ethereum’s price is currently navigating a crucial trading range that could determine its near-term direction. Presently, Ethereum is consolidating between two key levels: the 50% retracement level at $2,843 and the recent low of $2,510 recorded on August 12. As of writing, ETH is trading slightly higher by 0.75%, standing at $2,590.
Resistance and Support Levels
The $2,843 level is proving to be a significant resistance point. If Ethereum cannot maintain this level and closes below it, the price could fall to $2,510, which is the most recent support level.
Should this support fail, Ethereum might experience a further decline of approximately 4.5%, potentially testing the psychological support at $2,400. Such a drop could signal a deeper bearish trend, indicating weaker market confidence.
Analyzing the daily chart reveals that both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are trading below their neutral levels of 50 and zero, respectively. This positioning reflects a weakening momentum and suggests that the market may be bracing for a bearish trend.
The RSI and AO’s current levels are often associated with diminishing buying interest and potential for further price decline.
Potential for Upside Movement
On the flip side, closing above the $2,843 resistance could mark a shift towards a bullish phase. A successful breakout above this level might propel the price towards the high of $3,396 observed on July 29.
Read CRYPTONEWSLAND on
google news
This move would establish a higher high on the daily chart, which is a positive technical signal. Ethereum’s price action around these key levels is pivotal.
A break above $2,843 could signal a bullish trend, while a drop below $2,510 might lead to further declines. Investors should closely monitor these technical indicators to gauge the cryptocurrency’s next moves.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
